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Diahuebs 30 di Juni 2022

Fatum Life Aruba N.V. Abbreviated Financial Statements 2021
Annual Report 2021 Abbreviated Statement of Financial Position
As at December 31, 2021 (In AWG’000) Fatum Life Aruba N.V.
Guardian Group Fatum is a member of the Guardian Holdings Limited (GHL) Group of com- Assets 2021 2020
panies, strongly capitalized financial institutions in the English and Dutch Caribbean with its Property, plant and equipment 236 349
headquarter in Port of Spain, Trinidad and Tobago where the parent company’s shares are Investment properties 1,998 2,150
listed on the Trinidad and Tobago as well as Jamaican Stock Exchange.
Investment in associated companies 38,134 38,336
The years 2020 and 2021 brought along tremendous challenges for our Group with the Investment securities 656,296 634,093
Covid pandemic. These adverse environmental factors have already started to abate in 2022. Loans and receivables 111,682 105,978
In 2021 our markets were spared from catastrophic losses due to hurricanes. Cash and cash equivalents 56,954 44,303
Reinsurance assets 757 757
It is in this context that we are happy to report that we overcame the main challenges in
2021 and can look back at another satisfactory year. Our staff demonstrated commitment Deferred acquisition costs 3,244 3,860
and resolve in quickly instigating digital channels to service our customers. Due from affiliated companies 206 206
Total Assets 869,507 830,032
Insurance Operations
Gross Written Premiums (GWP) from Guardian Group Fatum Life insurance operations Equity
increased by AWG 1.9 Million (3%) to AWG 63.3 Million in 2021 from AWG 61.4 Million in Share capital 400 400
2020. This is the main reason for the improvement of AWG 1.3 million in the result from
insurance activities. Life insurance operational results are also influenced by changes in the Share premium 24,528 24,528
Life insurance reserves. The Life sales force agency distribution channel showed a modest Reserves (1,429) 5,010
growth and is expected to incrementally contribute to future profits. Retained earnings 70,001 57,209
Total Equity 93,500 87,147
Investments
Guardian Group Fatum Life’s higher income from investing activities of AWG 3.3 Million was
mostly a result of the following factors. Liabilities
• Interest income from the held to maturity portfolio (local government bonds and deposits) Insurance contracts 761,607 710,320
increased by AWG 2.4 Million. We capitalized on increasing rates on time deposits to Due to affiliates 56 19,037
maximize returns on any excess cash. Profit tax payable 1,533 1,580
• Net realized and unrealized gains (and losses) increased by AWG 1.2 Million (mostly due to Other liabilities 12,811 11,948
fair value gains). Total Liabilities 776,007 742,885
• Other income (combined) decreased by AWG 0.3 Million.
Operating expenses Total equity and liabilities 869,507 830,032
The Company’s operating expenses increased slightly by AWG 0.1 Million (1%) to AWG 14.0
Million in 2021 from AWG 13.9 Million in 2020. This is an excellent feature of our performance. Abbreviated Statement of Income
We continued with a project to realize optimal efficiencies via digitizing and implementing For the year ended December 31, 2021 (In AWG’000)
robotics in our departments. We continue to seek inorganic growth opportunities while focusing 2021 2020
on rigorous cost control ; this remains a key performance objective. Net result from insurance activities (14,007) (15,283)
Net results Net income from investing activities 40,869 37,600
The net profit for the year 2021 was AWG 12.7 Million, as compared to AWG 5.9 Million in Net income from all activities 26,862 22,317
2020. The key technical ratios of all lines of business remained satisfactory despite the difficult
circumstances. The solvency position continued to be strong and well in excess of the local Net impairment gains/(losses) on financial assets (295) (1,030)
requirements of the Central Bank of Aruba and remains a solid base for future growth of our Operating expenses (13,951) (13,867)
company. Finance charges (734) (608)
Change in accounting policy Operating profit 11,882 6,812
One of the most defining events for the global insurance industry is undoubtedly the issuance Share of profit of associated companies 2,444 637
of the new insurance accounting standard, IFRS 17, after a two-decade long journey em- Profit before taxation 14,326 7,449
barked upon by the International Accounting Standard Board (IASB). It is the first comprehen- Taxation (1,534) (1,580)
sive international accounting standard for insurance contracts. Our Group has already started Profit for the year 12,792 5,869
preparing for the implementation of IFRS 17 to ensure timely and complete compliance with
this new standard which is effective from January 1, 2023.
Solvency requirements (In AWG’000) 2021 2020
Strategic initiatives
In 2021 we continued working on the implementation of a new strategic plan designed to Minimum regulatory capital 56,506 52,964
create an organization geared towards retaining and growing our customer base through an Regulatory capital held 93,500 87,147
enhanced customer experience. We are happy to report that many positive impacts of our Surplus 36,994 34,183
plan are starting to become evident and have significantly contributed to our results.
We will continue to deploy our plan which includes increased levels of automation,
straight-through-processing, customer self-service and data-analytics.
respects, with the audited financial statements of the Company, as described in note 2 “Basis
Moving forward, with confidence of preparation”.
In 2021 we continued to work on a variety of initiatives to make our companies ready for the
future challenges. The effects are already becoming visible. The Abbreviated Financial Statements
The geopolitical situation in Eastern Europe intensified in February 2022, with Russia’s invasion The abbreviated financial statements do not contain all the disclosures required by International
Financial Reporting Standards. Reading the abbreviated financial statements and the auditor’s
of Ukraine. Guardian Group Fatum does not have direct exposure to Ukraine, Russia, or Belarus, report thereon, therefore, is not a substitute for reading the audited financial statements and
nor do we expect to have material indirect exposures regarding the sanctions imposed. the auditor’s report thereon. The audited financial statements, and the abbreviated financial
In closing, we would like to thank our shareholders and customers for their loyalty to Guardian statements do not reflect the effects of events that occurred subsequent to the date of our
Group, as well as our staff for their energy and commitment in pursuing our vision of becoming report on the audited financial statements.
a world-class insurer.
The Audited Financial Statements and Our Report Thereon
Jacques van der Scheer We expressed an unmodified audit opinion on the audited financial statements in our report
Managing Director dated June 29, 2022.
The Board of Directors’ Responsibility for the Abbreviated Financial Statements
Independent auditor’s report The Board of Directors is responsible for the preparation of the abbreviated financial statements
in accordance with the basis as described in note 2 “Basis of preparation”.
Our Opinion Auditor’s Responsibility
The abbreviated financial statements, which comprise the abbreviated statement of financial Our responsibility is to express an opinion on whether the abbreviated financial statements
position as at December 31, 2021, the abbreviated statement of comprehensive income for are consistent, in all material respects, with the audited financial statements based on our
the year ended December 31, 2021 and notes to the abbreviated financial statements, are procedures, which were conducted in accordance with International Standard on Auditing
derived from the audited financial statements of Fatum Life Aruba N.V. (‘the Company’) for 810, Engagements to Report on Summary Financial Statements.
the year ended December 31, 2021. 18
Aruba, June 29, 2022
In our opinion, the accompanying abbreviated financial statements are consistent, in all material Grant Thornton Aruba Original signed by Edsel N. Lopez